OneSource Virtual, an Irving, Texas-based company that offers business process cloud-sourcing services, has announce that it has added financing and accounting outsourcing (FAO) services to its offerings.
A partner of Workday, an on‑demand financial management and human capital management software vendor, OneSource’s new FAO service leverages proprietary technology to streamline the steps required to input and categorize invoices. OneSource’s FAO service is offered only for Workday Financial Management customers.
The company says its tools can automate the procure-to-pay process within Workday Financial Management and simplify the supplier payment process, thus improving cash flow for customers.
“Offering Finance and Accounting Outsourcing gives our customers another advantage as it relates to accounts payable, payroll operations and human resources outsourcing as a whole,” said Brian Williams, co-founder and CEO for OneSource Virtual.
Founded in 2008, OneSource Virtual grew dramatically between 2010 and 2013 doubling its revenue continuously. This sudden growth prompted Halyard Capital to invest $15 million into the company in 2013.
“With FAO, OneSource Virtual is giving customers the ability to house and service all of their financial functions and solutions in a single system,” said Michael Roseman, senior vice president of Finance and Accounting Outsourcing for OneSource Virtual.
OneSource offers Workday consulting, deployment, consulting, training, and in-application payroll, benefits, and application management services (AMS). The company runs processing centers in Mesa, Ariz., and Derry, Northern Ireland, in addition to Texas.
According to Forbes, OneSource customers include Chiquita Brands, National General Insurance and AAA. The company raised $22 million in private equity until January this year.